Securities and Exchange Act Article 44

A securities firm must obtain permission and issuance of a license from the Competent Authority before operating a securities business. The operation of securities business by persons other than securities firms is prohibited.Permission from the Competent Authority shall be required for the establishment of branches by a securities firm.Permission and issuance of a license from the Competent Authority shall be required for a foreign securities firm to establish branches in the Republic of China.Standards for the establishment of securities firms governing matters including the conditions for the establishment of securities firms and branches thereof, the types of business in which they may engage, application procedures, documents required to be submitted, and regulations governing their finances, operations, and other required matters for compliance shall be prescribed by the Competent Authority.The Competent Authority shall consult with the Central Bank of China when it adopts or amends provisions of the regulations referred to in the preceding paragraph that relate to foreign exchange business.